DEARBORN, Mich. — An affiliate of Sage Healthcare Partners has been awarded the winning bid to acquire Henry Ford Village out of bankruptcy.
Located on 35 acres, Henry Ford Village is a continuing care retirement community (CCRC) in the Detroit suburb of Dearborn. Sage’s bid of $76.3 million exceeded the $69M stalking horse bid placed by MED Healthcare Partners in March. The transaction is subject to bankruptcy court approval, as well as regulatory approvals and customary closing conditions.
In accordance with the terms outlined in the asset purchase agreement presented during the auction, Sage will acquire all of the CCRC’s assets, integrating Henry Ford Village into its network of senior living communities. Additionally, Sage plans to increase programming for residents and employees while investing in the improvement of the campus.
Sheryl Toby of Dykema Gossett PLLC is providing legal representation to Henry Ford Village. FTI Consulting is serving as chief restructuring officer and restructuring advisor.